General Fusion completes SPAC merger, prepares for Nasdaq debut as public fusion energy company
General Fusion, a company aiming to commercialize fusion energy, has completed its business combination with Spring Valley Acquisition Corp. III, paving the way for its public market debut.
VANCOUVER, British Columbia – July 10, 2026 – General Fusion has finalized its business combination with Spring Valley Acquisition Corp. III, a transaction that positions the company to become the first publicly listed fusion energy firm on Nasdaq. This move marks a significant shift after over two decades of the fusion sector operating primarily in private markets.
The company enters the public markets with approximately $150 million in cash, intended to fund its Lawson program through key technical milestones. General Fusion aims to demonstrate and de-risk its Magnetized Target Fusion (MTF) technology in a commercially relevant manner by 2028.
General Fusion is pursuing a unique approach to fusion energy using its MTF technology. Unlike methods relying on superconducting magnets or high-powered lasers, MTF uses mechanical compression to confine plasma with a liquid metal liner. The company believes this method is more practical for constructing real-world power plants using existing materials.
The LM26 demonstration machine, described as the first MTF device at a commercially relevant scale, is central to the company's efforts. It is designed to achieve successive plasma heating milestones, ultimately aiming for the Lawson criterion—the conditions required for net energy gain in fusion.
The listing occurs as demand for electricity grows and public markets show increased interest in advanced energy technologies. General Fusion joins a growing field of capital-intensive energy developers seeking public funding for long-term, technology-driven projects.